Making payments future fit: how is the payments ecosystem rising to meet the challenges of financial institutions and businesses?

Payments are the heartbeat of banks and businesses, and their customers expect simple, safe, speedy, smart, certain and frictionless payments.

In this webinar, Marion King joins a panel of industry leaders for a discussion about how to navigate that transition.

Key takeaways

  • The pandemic has only reinforced those expectations and accelerated the digital transformation of the payments industry – which is now at a critical point in that journey. In this webinar, Marion King joins a panel of industry leaders for a discussion about how to navigate that transition.
  • The pandemic has driven a huge increase in digital payments and stronger collaboration across the ecosystem: a sharp rise in online buying has driven a significant shift over the past 18 months. Information sharing across the industry – for instance, in areas like fraud prevention – has never been greater. 
  • Technologies like Open Banking and digital identification, and messaging standards like ISO20022, are crucial for the future of payments: these will go a long way towards ensuring global payments are fast, safe, secure, reliable, and drive new data-enabled capabilities. But they need to be balanced with effective regulation and embraced through early preparation. 
  • Managing the transition will be the greatest challenge, but should be achievable with greater industry collaboration: the way in which the ecosystem manages the transition to a digital-first, globally interoperable payments landscape will be essential for improving inclusion and avoiding a two-speed sector.

The pandemic has led to big changes in how people and businesses buy and accelerated commercial disruption already well underway – including in the payments space. In 2020, over 90% of all adults in the UK made at least one transaction online, a huge shift from previous years as lockdowns forced consumers onto their digital devices and off the high street.

But this sharp rise in digital payments is agitating important trade-offs fuelling the payments industry – between convenience and privacy, infrastructure resilience and agility, rapid technological innovation and fraud – and raising new questions about the balance between customer demand, technology, and regulation in a globalised world.

Though much progress has been made developing a faster, safer, more reliable, and globally interoperable payments landscape, more work needs to be done. Technologies and standards like Open Banking and ISO20022, and new initiatives and innovation around digital identities, will undoubtedly unlock new capabilities for financial service providers and businesses alike, but they are only part of the solution. Early preparation and greater industry collaboration, particularly around how to manage the transition to a digital-first payments ecosystem that more effectively balances those trade-offs mentioned earlier, are essential.

In the webinar below, watch NatWest’s Director of Payments Marion King as she and a panel of industry leaders explore how the ecosystem is rising to meet the challenges driven by changing customer demands, technology, and regulation, and make payments future fit:

  • Nick Kerigan, Head of Innovation Execution, SWIFT
  • Gerard Lemos, Independent Chairman, UK Finance’s Payments Products & Services Board
  • Tony Craddock, Director General, Emerging Payments Association

To learn more about how we’re making payments future fit and what you can do to prepare, get in touch with your NatWest Corporates & Institutions representative.

This article has been prepared for information purposes only, does not constitute an analysis of all potentially material issues and is subject to change at any time without prior notice. NatWest Markets does not undertake to update you of such changes.  It is indicative only and is not binding. Other than as indicated, this article has been prepared on the basis of publicly available information believed to be reliable but no representation, warranty, undertaking or assurance of any kind, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of the information contained in this article, nor does NatWest Markets accept any obligation to any recipient to update or correct any information contained herein. Views expressed herein are not intended to be and should not be viewed as advice or as a personal recommendation. The views expressed herein may not be objective or independent of the interests of the authors or other NatWest Markets trading desks, who may be active participants in the markets, investments or strategies referred to in this article. NatWest Markets will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser; nor does NatWest Markets owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on NatWest Markets for investment advice or recommendations of any sort. You should make your own independent evaluation of the relevance and adequacy of the information contained in this article and any issues that are of concern to you.

This article does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell any investment, nor does it constitute an offer to provide any products or services that are capable of acceptance to form a contract. NatWest Markets and each of its respective affiliates accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

NatWest Markets Plc. Incorporated and registered in Scotland No. 90312 with limited liability. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. NatWest Markets N.V. is incorporated with limited liability in the Netherlands, authorised and regulated by De Nederlandsche Bank and the Autoriteit Financiële Markten. It has its seat at Amsterdam, the Netherlands, and is registered in the Commercial Register under number 33002587. Registered Office: Claude Debussylaan 94, Amsterdam, the Netherlands. Branch Reg No. in England BR001029. NatWest Markets Plc is, in certain jurisdictions, an authorised agent of NatWest Markets N.V. and NatWest Markets N.V. is, in certain jurisdictions, an authorised agent of NatWest Markets Plc. NatWest Markets Securities Japan Limited [Kanto Financial Bureau (Kin-sho) No. 202] is authorised and regulated by the Japan Financial Services Agency. Securities business in the United States is conducted through NatWest Markets Securities Inc., a FINRA registered broker-dealer (, a SIPC member ( and a wholly owned indirect subsidiary of NatWest Markets Plc.

Copyright 2022 © NatWest Markets Plc. All rights reserved.

scroll to top